The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-11-30
BUSINESS EMBARRASSMENTS.

The Great Commission Firm of Brown, Wood
& Kingman Goes Into Liquidation.
Special to the indianapolis Journal
New York, Nov. 29-Ths we'll known fArn Of
Brown, Wood & Kingman, dry goods commits
sion merchants, of New York, Boston, Philadsl-
phia and Chicago. has gone into liquidation.
The firm was one of the leading houses of the
United States, doing business of $l2 900 to
$4,000, 900 year. controlling many large mills
and supposed to have abundant capital for their
immense trade. The principal places of bust
ness of the firm were at No. 50 Worth street.
New York. and No. 81 Bedford street, Boston.
They also had stores in Philadelphia and Chi.
cago. Early in October rumors were circulated
in the trade in this city and Boston that the i'm
mense business of the firm was feeling the ef-
fects of the stringency in the money market
This had the effect of unssttling their credit in
this market. On Oct 10, MIR. Wood, of the
firm, made the following statement to Brad
streets "Our liabilities in the shape
of Endorsements. and there is no paper out that
is not perfectly good with our name on il. Dur
ing the past six months our Endorsements have
been reduced 81 600 900, and during the next six
months a further reduction of 81, 600, 600 will be
made as compared with the amount year ago"
Shortly after this date the firm gave up four of
their large mill accounts, and let them go to
other houses. This increased the rumors in the
trade. These accounts were the Abingdon mills,
dress goods; James Phillips, jr, woolens Fitch
burg worsted mills, and the Royal Stone
Worsted Company 1t was reported in the trade
commission houses who received them accepted
notes for them to the extent of $l.700 900 and
relieved the firm of that amount of liability. It
paper recently sold in Boston for
10 per cent It was placed principally by Bos
ton firm and it is stated that nearly every bank
in New England had some of it. There a
meeting of the largest creditors of the firm held
in Boston about Nov. 10, before which the firm
placed statement of their condition, showing
liabilities of So, 800. 900 and assets of about SO.
600 000 Tt was understood at the time that the
Boston banks. who were the largest creditors,
expressed their readiness to accommodate the
When the formal announcement was made to-
day that the firm would go into liquidation and
give up business. there was no surprise in the
trade. az it had been already discounted by the
prevailing reports in circulation
Mr.. w. l.. Brown. one of the partners, said
to- day that it was true that the firm was Equi-
dating; that the entire business would be wound
up, and that no new firm would be formed. He
thought it would require some months to close
up. He said it was not true that meeting of
the creditors had been held in Boston The
firm, he said. had out about So, 900 900 indorse
ments while ago, but large part of the paper
had been taken up and the rest would be taken
care of in few days. The firm. he said, was
perfectly solvent. and would have large sur
plus when the business wound up. The
firm had done about $l2. 900, 600 business year.
They had given up So, 600, 900 Of this, few
weeks ago; 81 900, 900 had just gone and the bal
ance of the accounts would be placed in a few
days.
The firm was organized in 1880. The com
bned capital was estimated at s. 900 000 The
partners are Levi L. Brown, VIM. B. Wood. A.
W. Kingman, T. s. Kinemar. B. E. Kingman
and W. L. Brown. L. L. Brown started in bus
mess at South Adams. Mass. thirty-six years
ago. as the L. l.. Brown Paper Company. He
is still principal owner Of that and of the Whit
ing Paper COMPANY, the Renfrew Manufactur
ing Company, the Freeman Manufacturing Com
pany and the American Zylonite Company. lie
is said to be worth 50, 800, 600. VIM. B. WooS
has been in business twenty six years, and il
heavily interested in sbeetine and other mills.
The Kingman brothers were brought up with
Jordan. Marsh e. Co., of Boston, and later took
responsible positions with A. T. Stewart & CO.,
afterward joining the firm of Brown. Wood g.
Kingman W. L. Brown is son of the senior
partner The mills in which the partners were
interested are all said TO be in satisfactory
condition